A piece of equipment with an original cost of $34,000 and a book value of $4,000, is exchanged for a similar asset with a list price of $40,000. $3,000 trade-in is offered in the exchange. (There was commercial substance.) The journal entry to record the exchange and the cash given up would include which of the following? (select one answer) A credit to Cash for $40,000 A debit to Loss on Exchange of Assets for $1,000 A credit to Equipment (old) for $34,000 A debit to Equipment (new) for $41,000 B and C